PetroNeft Resources begins production at Cheremshanskoye field on Licence 67

PetroNeft Resources

PetroNeft Resources plc (LON:PTR) an oil & gas exploration and production company, operating in the Tomsk Oblast, Russian Federation, and 90% owner and operator of Licences 67 and 50% owner and operator of Licence 61 has today announced the following operational news.

Highlights

o Production commenced from the Cheremshanskoye field on Licence 67.

o Current production over 240 bopd.

Production has commenced from the C-4 well on the Cheremshanskoye field. The well has been flowing naturally with production building as the choke size has been gradually increased from 2 mm to 8 mm. The current flow rate is 243 bopd.

The forward plan is to closely monitor reservoir performance and at an appropriate time install a pump to maximise production and further increase revenue.

The C-4 well, which is located on the northern margin of the Cheremshanskoye field, was drilled during 2018 and tested oil at a combined 179 bopd from Upper Jurassic J1-1 and J1-3 clastic reservoirs from 2,630.8 m-2,633.8 m and 2,644 m-2,655 m.

The well was successfully re-entered in Q1 2020 to perform an extended well test. During this test, the well flowed at various choke sizes from the same Upper Jurassic J1-1 & J1-3 clastic reservoirs and flowed naturally at up to a maximum 476 bopd on a 10mm choke size.

The Cheremshanskoye field reserves are 19.26 mmbbls C1+C2 which were approved by GKZ  (Russian State Reserves Committee) January 2019.

The Company recently increased its interest in Licence 67 from 50% to 90%.

David Sturt, CEO PetroNeft Resources commented:

“Particularly as it closely follows the increase in our equity stake to 90 percent, we are delighted with the news from Cheremshanskoye. Early results from the initial well suggest that this well will perform at or above our expectations. This is a major achievement for the company bringing the Cheremshanskoye field in to production. We are particularly proud that our team in Tomsk has been able to achieve this during a particularly harsh winter season when temperatures have at times been below minus 50º C. 

There is considerable potential to increase value through development of this field due to the size of the structure, proximity to good infrastructure and the field being eligible for a reduction in the production tax.

We are looking forward to providing further updates.”

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PetroNeft Resources plc

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